January 25, 2011 (Jeff Alan)
The Federal Housing Administration (FHA) Mortgage funded $28.1 billion to mortgage bankers for FHA backed single-family mortgage loans in December, a slight gain from the previous month. Included in that figure is $1.7 billion of FHA guaranteed reverse mortgages. FHA also reported an uptick in seriously delinquent mortgage loans during the month.

The percentage of government insured mortgage loans that are 90 days or more past due jumped to 8.8 percent, compared to 8.3 percent in November. (FHA originally reported an 8.7 percent serious delinquency rate for November but later revised it down to 8.34 percent.)

During the month, FHA approved just 21 FHA ‘Short Refinance’ loans with lenders submitting another 30 short refinance applications for endorsement.

The FHA launched the program on September 7, 2010, to offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

The program was designed to allow borrowers with underwater conventional loans to refinance into new FHA-insured loans, after the investor writes down the principal amount of the mortgage to a 97.75 percent loan-to-value ratio. The combined LTV cannot exceed 115 percent.

Critics of the program have taken a dim view of the program since the start citing lender requirements such as reducing the loan balance and the FHA’s program restrictions as a deterrent to their participation. With the very low volume of short refinances, they’ve been proven to be right.

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

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No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 25, 2011 (Jeff Alan)
The Federal Housing Administration (FHA) Mortgage funded $28.1 billion to mortgage bankers for FHA backed single-family mortgage loans in December, a slight gain from the previous month. Included in that figure is $1.7 billion of FHA guaranteed reverse mortgages. FHA also reported an uptick in seriously delinquent mortgage loans during the month.

The percentage of government insured mortgage loans that are 90 days or more past due jumped to 8.8 percent, compared to 8.3 percent in November. (FHA originally reported an 8.7 percent serious delinquency rate for November but later revised it down to 8.34 percent.)

During the month, FHA approved just 21 FHA ‘Short Refinance’ loans with lenders submitting another 30 short refinance applications for endorsement.

The FHA launched the program on September 7, 2010, to offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

The program was designed to allow borrowers with underwater conventional loans to refinance into new FHA-insured loans, after the investor writes down the principal amount of the mortgage to a 97.75 percent loan-to-value ratio. The combined LTV cannot exceed 115 percent.

Critics of the program have taken a dim view of the program since the start citing lender requirements such as reducing the loan balance and the FHA’s program restrictions as a deterrent to their participation. With the very low volume of short refinances, they’ve been proven to be right.

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

HOWMORTGAGELOANRATEUPDATEWORKS

Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.

ADVANTAGES OF USINGMORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDIT CHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 25, 2011 (Jeff Alan)
The Federal Housing Administration (FHA) Mortgage funded $28.1 billion to mortgage bankers for FHA backed single-family mortgage loans in December, a slight gain from the previous month. Included in that figure is $1.7 billion of FHA guaranteed reverse mortgages. FHA also reported an uptick in seriously delinquent mortgage loans during the month.

The percentage of government insured mortgage loans that are 90 days or more past due jumped to 8.8 percent, compared to 8.3 percent in November. (FHA originally reported an 8.7 percent serious delinquency rate for November but later revised it down to 8.34 percent.)

During the month, FHA approved just 21 FHA ‘Short Refinance’ loans with lenders submitting another 30 short refinance applications for endorsement.

The FHA launched the program on September 7, 2010, to offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

The program was designed to allow borrowers with underwater conventional loans to refinance into new FHA-insured loans, after the investor writes down the principal amount of the mortgage to a 97.75 percent loan-to-value ratio. The combined LTV cannot exceed 115 percent.

Critics of the program have taken a dim view of the program since the start citing lender requirements such as reducing the loan balance and the FHA’s program restrictions as a deterrent to their participation. With the very low volume of short refinances, they’ve been proven to be right.

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.

ADVANTAGES OF USINGMORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDITCHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

MortgageLoanRateUpdate

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